- Western Forest Products (WEF) has received approval to renew its normal course issuer bid (NCIB)
- The NCIB will begin on August 11, 2022 and end no later than August 10, 2023
- Under the bid, the company may purchase up to 27,420,905 of its common shares
- Daily purchases will be limited to a maximum of 185,954 common shares
- Under the current NCIB, the company has purchased 29,726,940 common shares
- Western Forest Products is one of the largest private employers on Vancouver Island
- Western Forest Products (WEF) opened trading at C$1.50
Western Forest Products (WEF) has received approval to renew its normal course issuer bid (NCIB).
Under the renewed bid, the company may purchase up to 27,420,905 of its common shares, representing 10 per cent of the public float as of August 3, 2022.
The NCIB will begin on August 11, 2022 and end no later than August 10, 2023. The price to be paid by Western for any common share acquired during the bid will be the market price at the time of acquisition.
Daily purchases will be limited to a maximum of 185,954 common shares representing 25 per cent of the company’s average daily trading volume.
All shares purchased pursuant to the NCIB will be cancelled.
The company has also entered into an automatic share purchase plan with its designated broker.
Under the current NCIB, which expires on August 10, 2022. As of the close of trading on August 3, 2022, the company has purchased 29,726,940 common shares at a volume weighted average price of $2.04 per common share. As of August 3, 2022, the company has 325,510,128 common shares issued and outstanding.
Western Forest Products is one of the largest private employers on Vancouver Island with six sawmills and two remanufacturing plants, providing 3,500 jobs that support nearly 20 communities across the province.
Western Forest Products (WEF) opened trading at C$1.50.